Even if you built your construction business from the ground up, you can always stand to learn a thing or two about how well it’s performing in the current market. By giving you insight into what’s happening in the market, building permit data helps you see if you’re on the right track or if making some changes could help boost your profits.
Are You on Top of Your Market’s Demands?
Examining building permit data is one of the most accurate ways to determine what your target market wants right now. For example, the data might show you many families in your area are putting in new garages. If you sell windows and doors, but your marketing material says nothing about what you offer for garages, that tells you your company might be out of touch with your potential customers.
If you sell floor coverings and notice a lot of retail spaces in the works, but your current product line has nothing durable enough for commercial use, chances are you’re missing out on sales. If this is the case, doing a little more research and fine-tuning your marketing could have a quick pay-off by helping you reach customers who are looking to buy immediately.
Are You Prepared for the Future?
Trends in the construction market don’t move quite as quickly as in some more fashion-conscious markets, so it’s easy to get complacent with your current way of doing business. Tracking building permit data over time helps prevent this by alerting you to shifts in market demand as they happen. If you notice an uptick in permits for commercial demolition jobs, that suggests more commercial construction jobs could be on the way in the near future. If you’re a general contractor, is your company ready to handle more commercial jobs? If you specialize in light fixtures, will you be able to meet an increased demand for commercial lighting?
For more on using building permit data to learn how well your company is positioned in the market, contact Construction Monitor.